Valaris Posts Mixed Q2 Earnings Reflecting Fewer Operating Days For The Jackup Fleet
Portfolio Pulse from Lekha Gupta
Valaris Ltd reported Q2 2023 revenues of $415.2 million, beating the consensus of $412.3 million. However, excluding reimbursable items, revenues decreased to $390 million due to fewer operating days for the jackup fleet. The company got new contracts and extensions, with an associated contract backlog of around $180 million, increasing to $3.0 billion. The company also repurchased $65 million of shares through June 30, 2023, and $94 million to date. The company's shares closed lower by 1.15% at $75.92 on Tuesday.
August 04, 2023 | 10:44 am
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Valaris Ltd reported better-than-expected Q2 2023 revenues but saw a decrease in revenues excluding reimbursable items. The company also repurchased shares and secured new contracts and extensions.
While Valaris Ltd reported better-than-expected revenues for Q2 2023, the decrease in revenues excluding reimbursable items and the closing of the company's shares lower could potentially impact the company's stock price in the short term. However, the company's repurchase of shares and securing of new contracts and extensions could offset this impact.
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IMPORTANCE 80
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